Commodities
Natural Gas Falls Below Wednesday's Low Amid Summer of High Production
Natural gas futures are trading lower on Thursday after hitting their highest price since July 24 in the previous session.
The market is struggling to sustain a rally during a summer of high production, and prices have dropped below Wednesday's low.
Despite buyers taking out $2.830 yesterday, sending prices to $2.875, short sellers were waiting at that level and the rally stalled.
The 50-day moving average at $2.936 is both a key trend indicator and resistance, while natural gas is trading on the weak side of a retracement zone at $2.798 to $2.840, which could become new resistance.